Polar Asset Management Partners Inc. Takes Position in Allied Gold Corporation $AAUC

Key Points

• Polar Asset Management acquired a new 58,300-share stake in Allied Gold during the first quarter, valued at approximately $1.8 million. Several other institutional investors also initiated or increased positions.
• Analyst sentiment remains cautious: although Canaccord Genuity upgraded the stock to “buy,” other firms issued “sell” or “strong sell” ratings, resulting in a consensus “Reduce” rating.
• Allied Gold shares opened at $20.86, well below their 50-day and 200-day moving averages. The company also missed its latest quarterly EPS estimate, reporting $0.39 versus the expected $0.42.

Polar Asset Management Partners Inc. purchased a new position in shares of Allied Gold Corporation (NYSE:AAUC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 58,300 shares of the company's stock, valued at approximately $1,801,000.

A number of other institutional investors also recently added to or reduced their stakes in AAUC. State of Wyoming acquired a new position in Allied Gold during the 1st quarter worth approximately $34,000. Global Retirement Partners LLC acquired a new stake in shares of Allied Gold in the 4th quarter valued at approximately $34,000. Public Employees Retirement System of Ohio boosted its stake in shares of Allied Gold by 11.9% in the third quarter. Public Employees Retirement System of Ohio now owns 20,790 shares of the company's stock valued at $363,000 after buying an additional 2,214 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Allied Gold by 31.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 14,682 shares of the company's stock valued at $337,000 after buying an additional 3,484 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Allied Gold by 54.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,998 shares of the company's stock valued at $280,000 after buying an additional 5,627 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Canaccord Genuity Group upgraded Allied Gold from a "hold" rating to a "buy" rating in a research report on Monday, June 1st. Weiss Ratings restated a "sell (d-)" rating on shares of Allied Gold in a research report on Tuesday, July 21st. Finally, Zacks Research cut shares of Allied Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce".

Allied Gold Price Performance

AAUC opened at $20.86 on Tuesday. The stock's 50 day simple moving average is $24.40 and its 200 day simple moving average is $28.41. The stock has a market cap of $2.64 billion and a P/E ratio of -20.25. Allied Gold Corporation has a 1-year low of $11.40 and a 1-year high of $32.20.

Allied Gold (NYSE:AAUC - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.03). The firm had revenue of $394.11 million for the quarter. Allied Gold had a positive return on equity of 36.56% and a negative net margin of 9.08%. Research analysts expect that Allied Gold Corporation will post 4.52 EPS for the current fiscal year.

Allied Gold Profile

Allied Gold NYSE: AAUC is a publicly listed company that operates in the gold mining sector. The firm's business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold's activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold.

Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets.

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